Contract and Operations Update: £5.66m Increase in Signed Contracts in 11 weeks

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce an update on trading and operations covering the period since the £5.7m Working Capital Fundraise and Interim Results announcement on 26 January 2017. The Company currently has £22.64m of projects under contract and a further £1.72m of contracts in the final stages of negotiation constituting a total pipeline of £24.36m.

In the interim results statement the company announced £16.98m of projects under contract and a total pipeline of £18.35m. Projects under contract have increased by £5.66m in the last 11 weeks. The Company notes a developing pipeline of quotes in response to customer tenders for its MW scale rapid response electrolyser products in energy storage, refuelling and chemical synthesis applications. The bulk of enquiries continue to be for 0.3MW to 6MW, often including ancillary hydrogen energy systems and after sales support contracts. In addition, the Company is increasingly receiving enquiries from multinational entities for significantly larger platforms and for a broader range of applications.

Hydrogen Refuelling Stations (HRS)

• ITM Power now owns 5 operational public HRS with another 7 HRS under contract
• HRS performance is continually monitored by ITM Power’s new product control room
• Performance data sharing is part of the HyFive, H2ME & H2ME2 projects funded by the FCH JU
• In March the UK gov. announced a £23m funding competition for FCEVs and HRS infrastructure

Power-to-Gas and MW Scale electrolysis

• 5.25MW of large electrolysis equipment contracted in 2016
• 3.5MW contracted in Q1 2017
• Pre-qualified for Enhanced Frequency Response requiring <1 second response time
• Three years of grid balancing and gas grid injection experience in Germany
• HyDeploy P2G project with National Grid and Northern Gas Networks is under contract

Corporate
ITM Power will participate in a number of key events for the coming months. The Company will be:

• Exhibiting a 2MW electrolyser system at the Hannover Messe from 24 – 28 April
• Showcasing the company’s 100MW designs at the Hannover Messe
• Exhibiting at All-Energy, the UK’s largest renewable energy event, Glasgow, 10 & 11 May
• Staff numbers have been kept under control and currently the Company has 70 staff
• Development work is tightly focused on electrolyser scale, performance and cost reduction

Dr Graham Cooley, CEO, ITM Power commented: “The increase in contracted projects over the last few months is testimony to the performance and cost reduction of ITM Power’s technology and to our vastly experienced sales team.”